ORLANDO, FLA. — Lee & Associates has arranged the sale of the Atrium Office Tower, located at 7680 Universal Blvd. in Orlando. The 106,611-square-foot office building sold for approximately $7.7 million. Robbie McEwan of Lee & Associates’ Central Florida office represented the buyer, Atrium Universal LLC, in the transaction. Douglas Mandel of Marcus & Millichap represented the seller, 7680 Universal Boulevard Holdings LLC.
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DALLAS — NorthMarq Capital has arranged a $13.4 million refinance loan for Galleria Plaza, a 189,104-square-foot office tower in Dallas. Located at 4851 LBJ Freeway, the Class A property features recently renovated common areas and exterior landscaping. Paul Brighton of NorthMarq arranged the refinancing on behalf of the borrower, Younan Properties Inc. Business Partners LLC is the lender.
SCOTTSDALE, ARIZ. — Kierland Fairways Office Plaza, a 55,268-square-foot office building in North Scottsdale, has sold to an affiliate of Montana Avenue Capital (MAC). The building is located at 14614 N. Kierland Blvd. The property will undergo an extensive renovation. The seller was Abart Properties. The transaction was executed by Luke Walker, Dave Carder and Eric Schultz of CBRE’s Phoenix office.
ALLENTOWN, PA. — NAI Summit has closed a five-year lease transaction for a 3,860-square-foot of office space in the Class A office building located at 1550 Pond Road in Allentown. Matt Dorman of NAI Summit represented the owner, Franklin Realty Development Corp., and Jay Haines, also of the firm, represented the tenant, Microphotonics Inc. Founded in 1992, Microphotonics Inc. is a source of advanced instrumentation for scientific and industrial research.
PHOENIX — One Agave Center, a 20,818-square-foot office project in Phoenix, has sold to a company formed by Griffin Partners for $9.8 million. The project is located at 8950 South 52nd Street. Eric Wichterman, Mike Coover, Mike Beall and Chris Walker of Cassidy Turley represented both the buyer and seller, One Agave LLC, in this transaction.
CHANDLER, ARIZ. – Sprint has signed a lease for 12,394 square feet at the Chandler Midway office building. The 189,000-square-foot building is located at 5710 West Chandler Blvd. in Chandler. It is situated near Chandler Regional Hospital. The building is currently 45 percent leased. Sprint was represented by CBRE’s Dave Barrett. The landlord, ViaWest Properties, was represented by Mark Stratz, Tyler Wilson and Scott Baumgarten of Cassidy Turley’s Office Group.
LONG BEACH, CALIF. – Local developer Urbana Development, LLC, has acquired five acres of land Douglas Park in Long Beach. The developer plans to build two Class A medical office buildings that total 90,000 square feet on the site. The land was part of a 160-acre plot that is situated adjacent to Long Beach Airport. It was acquired by SARES•REGIS Group (SRG) from Boeing Realty Corp. in 2012. This is the first land sale SRG has executed on the site. SRG plans to develop up to 3.2 million square feet of premier office, industrial and retail facilities on the site. Urbana was represented by Jeff Colburn and Shaun McCullough at the Long Beach office of Lee & Associates. SRG was represented by Rick Warner and John Ayoob in CB Richard Ellis’ South Bay office.
ADDISON, TEXAS — HFF and CBRE have jointly brokered the sale of Two Addison Circle, a 198,681-square-foot office property in the northern Dallas suburb of Addison. Completed in 2009, the six-story Class AA building is located at 15725 N. Dallas Parkway, at the entrance to Addison Circle, a 70-acre, mixed-use development. At the time of the sale, the asset was 89 percent leased to tenants including USAA and Gehan Homes. HFF and CBRE marketed the property on behalf of the seller, Brookfield Property Group. LPC Realty Advisors, an affiliate of Lincoln Property Co., purchased the building on behalf of a public pension fund.
SAN DIEGO — Alliance Diversified Holding, LLC, has purchased the Pyramid Building, a 131,218-square-foot office building in the Miramar Mesa submarket of San Diego, for $13.6 million. The building is located at 7310 Miramar Road. It was initially part of the Miramar Metroplex. The value-add private equity firm plans to convert the pyramid-shaped building into a creative office and technology hub. The space will also be rebranded as The San Diego Innovation Center. Alliance was represented by Jon Boland of Voit’s San Diego office. Brandon Keith, Ryan Bracker and Bob Brady, also of Voit, represented the seller, APEX 1 & 2 LP, in this transaction.
ORLANDO, FLA. — Jones Lang LaSalle has arranged a 15,559-square-foot lease at The Exchange, a 87,952-square-foot office building located at 101 S. Garland Ave. in downtown Orlando’s Church Street District. Technology firm PlanSource signed the lease to bring its headquarters to the property. Aaron Gray of Jones Lang LaSalle represented The Exchange’s ownership, Boston-based Tremont Realty Capital, in the lease transaction. Jason Schrago of CNL represented the tenant.